Tiger Global, the investment giant that fuelled the venture capital boom of 2020–2021, is raising a new $2.2 billion fund—its second consecutive mid-sized vehicle after the market reset—signalling a more disciplined approach as it re-enters an AI-dominated investment landscape. According to a letter obtained by CNBC, the firm is seeking commitments for its new Private Investment Partners 17 (PIP 17) fund, while emphasising a more restrained philosophy compared with the breakneck pace of its last major bull-market cycle.
During the 2021 peak, Tiger Global became synonymous with hyper-aggressive dealmaking. Its strategy—often described within the venture ecosystem as “spray and pray”—saw the firm deploying capital at unprecedented speed. PIP 15, its flagship fund raised in the same year, totalled an enormous $12.7 billion and poured money into startups at record valuations. Data from PitchBook shows that Tiger backed 315 startups in 2021 alone, igniting bidding wars among venture firms eager to secure positions in early-stage companies—even those yet to demonstrate product-market fit.
As interest rates rose and macroeconomic conditions tightened, the lofty valuations of 2021 proved unsustainable. Many Tiger-backed startups struggled to justify their peak-era pricing, and the venture market downturn of 2022–23 resulted in widespread consolidation, down-rounds, and shutdowns. The period also saw internal shifts: long-time dealmaker John Curtius departed to launch his own fund, Scott Shleifer moved to an advisory capacity, and founder Chase Coleman stepped in more directly.
Tiger Global’s subsequent fund, PIP 16, raised in 2024, was a comparatively modest $2.2 billion. Yet it has delivered strong early performance, thanks to stakes in leading AI companies such as OpenAI, Waymo and Databricks—positions that have driven a 33% gain in the fund’s paper value, according to the letter cited by CNBC.
Despite this momentum, Tiger Global is signalling restraint. The letter notes that focusing heavily on AI requires “humility” because “valuations are elevated and, in our view, sometimes unsupported by company fundamentals.” This admission reflects the firm’s awareness of both the promise and the volatility of today’s AI market.
In essence, Tiger Global is gearing up to pursue major AI opportunities while openly acknowledging the risk of inflating an already heated sector. The new fund suggests confidence—but also caution—as the firm attempts to balance ambition with the lessons of its own hyper-accelerated past.
